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2016-02-02 19:15:00

CHEVRON NET LOSS $588 MLN

CHEVRON NET LOSS $588 MLN

Chevron Corporation (NYSE: CVX) reported a loss of $588 million ($0.31 per share – diluted) for fourth quarter 2015, compared with earnings of $3.5 billion ($1.85 per share – diluted) in the 2014 fourth quarter. Foreign currency effects increased earnings in the 2015 quarter by $46 million, compared with an increase of $432 million a year earlier.

Full-year 2015 earnings were $4.6 billion ($2.45 per share – diluted) compared with $19.2 billion ($10.14 per share – diluted) in 2014.

Sales and other operating revenues in fourth quarter 2015 were $28 billion, compared to $42 billion in the year-ago period.

"Our 2015 earnings were down significantly from the previous year, reflecting a nearly 50 percent year-on-year decline in crude oil prices," said Chairman and CEO John Watson.

"We're taking significant action to improve earnings and cash flow in this low price environment," Watson stated. "Operating expenses and capital spending were reduced $9 billion in 2015 from 2014, and I expect similarly large reductions again in 2016. In addition, asset sales proceeds were $6 billion in 2015, with additional sales planned for 2016 and 2017."

"Improved refinery reliability allowed us to capture the benefits of a favorable margin environment and post excellent downstream results for the year," Watson added. "We continued to reshape the downstream portfolio with well-timed asset sales and good progress on petrochemical investments."

"We advanced our upstream major capital projects," Watson added. "We had first production from two deepwater projects in Africa, and ramped up production from Jack/St. Malo in the deepwater Gulf of Mexico and our shale and tight resources in the Permian Basin. We made significant progress on our LNG projects in Australia, in particular the Gorgon Project  where we expect to be producing LNG within the next few weeks. Successful completion and start-up of these and other major capital projects will translate into significantly lower capital spending, higher production and growing cash generation in the months ahead.” 

Watson commented that the company added approximately 1.02 billion barrels of net oilequivalent proved reserves in 2015. These additions, which are subject to final reviews, equate  to approximately 107 percent of net oil-equivalent production for the year. The largest additions were from production entitlement effects in several locations and drilling results for the Permian  Basin in the United States and the Wheatstone Project in Australia. The company will provide additional details relating to 2015 reserve additions in its Annual Report on Form 10-K scheduled for filing with the SEC on February 25, 2016. 

At year-end, balances of cash, cash equivalents, time deposits and marketable  securities totaled $11.3 billion, a decrease of $1.9 billion from the end of 2014. Total debt at December 31, 2015 stood at $38.6 billion, an increase of $10.8 billion from a year earlier.

 

CHEVRON 2015 RESULTS

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More: 

CHINA & CHEVRON GAS 

OIL MAJORS CUT JOBS 

2016: OIL & GAS INVESTMENTS DOWN TO $522 BLN 

AUSTRALIAN LNG HEDGING 

CHEVRON WILL REDUCE $26.6 BLN

 

 

Tags: CHEVRON, FINANCIAL

Chronicle:

CHEVRON NET LOSS $588 MLN
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LUKOIL'S PLAN: $50

LUKOIL - The plan is based on the conservative $50 per barrel oil price scenario. Sustainable hydrocarbon production growth is planned in the Upstream business segment along with the growth in the share of high-margin projects in the overall production. In the Downstream business segment, the focus is on the improvement of operating efficiency and selective investment projects targeted at the enhancement of product slate.

CHEVRON NET LOSS $588 MLN
2017, December, 15, 12:45:00

BP INVESTS TO SOLAR

BP - BP will acquire on completion a 43% equity share in Lightsource for a total consideration of $200 million, paid over three years. The great majority of this investment will fund Lightsource’s worldwide growth pipeline. The company will be renamed Lightsource BP and BP will have two seats on the board of directors.

CHEVRON NET LOSS $588 MLN
2017, December, 13, 12:40:00

OIL PRICE: ABOVE $64 YET

REUTERS - Brent crude was up 69 cents, or 1.1 percent, at $64.03 a barrel by 0743 GMT. It had settled down $1.35, or 2.1 percent, on Tuesday on a wave of profit-taking after news of a key North Sea pipeline shutdown helped send the global benchmark above $65 for the first time since mid-2015. U.S. West Texas Intermediate crude was up 45 cents, or 0.8 percent, at $57.59 a barrel.

CHEVRON NET LOSS $588 MLN
2017, December, 13, 12:35:00

RUSSIAN-TURKISH NUCLEAR

ROSATOM - On December 10, 2017, the construction start ceremony took place at the Akkuyu NPP site under a limited construction licence issued by the Turkish Atomic Energy Agency (TAEK). Director General of the ROSATOM Alexey Likhachev, and First Deputy Minister of Energy and Mineral Resources of the Turkish Republic, Fatih Donmez, took part in the ceremony.

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